Stablecoin issuer Tether no longer supports Bitcoin, other chains

Tether Transitions from Stablecoin Variants

Tether gave the announcement in a release, stating that it would cease the issuance or “minting” of USDT tokens on the Omni which houses the BTC variant, Kusama, and Bitcoin Cash Simple Ledger Protocol (BCH-SLP) blockchains beginning from August 17.

advertisement

Despite the cessation of minting, Tether said it is committed to maintaining its redemption mechanism for USDT-Omni, USDT-Kusama, and USDT-BCHSLP for a minimum period of 12 months. 

This means that users holding these stablecoin variants can still redeem them for their underlying assets through the specified channels. Tether’s strategic transition is driven by an ardent belief in the transformative potential of blockchain technology and decentralized exchanges. 

While the present circumstances have led to the decision to discontinue support for certain blockchains, Tether remains optimistic about the future. The organization said it is open to reevaluating issuing USDT on the Bitcoin blockchain via the Omni Layer should conditions become conducive.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Trading Bots List 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Justifying the Decision

Tether’s recent decision to withdraw support for USDT on the Bitcoin blockchain has left many in the crypto community puzzled. This means that USDT tokens will no longer be issued or redeemable on the Bitcoin network until the specified time, a move that could have significant implications for traders and platforms that rely on USDT as a trading pair.

Tether’s official statement cites the “lack of significant traction” for the Omni Layer, built on top of Bitcoin as the reason for this decision. The decline in USDT usage on Bitcoin via the Omni Layer can be attributed to multiple factors, including the emergence of alternative transport layers and a lack of popular tokens on the Omni network. 

While acknowledging the significance of this transition, Tether acknowledges the Omni Layer’s pivotal role in its formative years. Serving as the inaugural transport layer for Tether’s operations back in 2014, the Omni Layer, played a vital part in the stablecoin’s early evolution. 

The contributions and innovations introduced by the Omni Layer team have indelibly shaped the crypto landscape.

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul...
Read more

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea...
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...
Read more